We note that several consultations and promised regulations appear to have gone cold. Among these:
- TPR’s General Code of Practice – combining 10 of the existing codes and introducing Effective Systems of Governance (“ESOG”) and Own-risk Assessments (“ORA”) was heralded for Spring 2023. Summer has now come and gone – but still no General Code of Practice.
- Changes to the Notifiable Events regime – expected originally in April 2022, after the consultation closed in October 2021, but yet to appear.
- Regulations on Funding and Investment Strategies, and TPR’s revised Code of Practice on funding DB schemes – we have draft regulations and there was a further consultation on the Code of Practice in December 2022. However, implementation has been deferred until April 2024 and a response to the consultation until Autumn 2023, with some suggesting that the problem the initiative was trying to address has been, largely, solved by rising yields in the meantime.